“It has been in a long-term uptrend,” said Nick Perry, a technical analyst at the Cincinnati-based research and advisory firm. “But this ETF’s momentum is waning. And as a group, oil services have been losing momentum since mid-May.”

Perry has it high on his short list since Wall Street seems to still favor the ETF. Seventy-six percent of the fund’s stocks are rated as buys by consensus analyst rankings, according to Zacks Research.

“So we’re seeing weakening momentum, but analysts are still on board,” said Perry. “There’s a lot of potential for heavy downgrades on this fund.”

The ETF has what’s referred to as a rounding top. “The ETF’s rally in April broke above the ETF’s historic peak,” said Perry. “But it failed to hold those gains.”